Nuclear Waste Policy Act of 1995

Revises the Nuclear Waste Policy Act of 1982. Renames it the Nuclear Waste Policy Act of 1995.

(Sec. 1) Instructs the Secretary of Energy (the Secretary) to: (1) develop and operate a repository for the permanent geologic disposal of spent nuclear fuel and high-level radioactive waste; (2) accept spent nuclear fuel and high-level radioactive waste by no later than January 31, 1998; (3) provide for the transportation of such wastes; and (4) pursue expeditiously the development of each component of the integrated management system.

Establishes an integrated spent nuclear fuel management system for spent nuclear fuel and high-level radioactive waste, including its storage, transportation, and disposal.

Prescribes guidelines under which the Secretary is charged with the development and operation of a rail spur originating in Lincoln County, Nevada, and terminating at the interim storage facility site. Provides for intermodal transfer pending direct rail access. Sets a deadline by which the Secretary must develop the capability to commence rail to truck intermodal transfer at Caliente, Nevada.

Requires the Nuclear Regulatory Commission (NRC) to enter into a Memorandum of Understanding with the City of Caliente and Lincoln County, Nevada, to provide advice to the Commission regarding intermodal transfer and to facilitate on-site representation.

Prescribes procedural guidelines for the availability by January 31, 1998, of: (1) railroads; (2) transportation planning and requirements; (3) interim storage facilities; (4) permanent disposal; (5) land withdrawal; and (6) private storage facilities.

Prescribes guidelines for consultation, financial, and technical assistance between the Secretary and the State of Nevada. Instructs the Secretary to: (1) offer the State of Nevada and the affected local governmental entity an opportunity to designate an on-site oversight representative; and (2) offer to enter into separate benefits agreements with the State of Nevada and certain affected counties concerning the integrated management system.

Establishes a Review Panel to advise the Secretary on the integrated management system.

Limits to the annual level of appropriations for associated expenditures the aggregate amount of fees collected during each fiscal year for electricity generated by civilian nuclear power reactors and nuclear fuel used to generate electricity in a civilian nuclear power reactor. Permits the Secretary to make expenditures from the Nuclear Waste Fund in the event of a shortfall. Provides that payment of a one-time fee on either spent nuclear fuel used to generate electricity in a civilian nuclear power reactor before April 7, 1982, or the high-level radioactive waste derived from it, relieves the responsible party from further financial obligation to the Federal Government for its long-term storage or permanent disposal.

Sets forth advance contract prerequisites for utilization or production facility license renewals under the Atomic Energy Act of 1954.

Continues the Nuclear Waste Fund and the Office of Civilian Radioactive Waste Management.

Directs the Secretary to: (1) issue a final rule establishing the appropriate portion of the costs of managing high-level radioactive waste and spent nuclear fuel allocable to the interim storage or permanent disposal of high-level radioactive waste and spent nuclear fuel from atomic energy defense activities; and (2) advise the Congress annually of the amount of high-level radioactive waste and spent nuclear fuel from atomic energy defense activities requiring management in the integrated spent nuclear fuel management system.

Grants the Atomic Energy Act and this Act preeminence in the event of a conflict or duplication of laws. Requires the Secretary to give full consideration to whether the implementation of this Act may require any purchase or other acquisition of water rights that will have a significant adverse effect upon present or future development of any area in Nevada.

Grants the U.S. courts of appeals original and exclusive jurisdiction over civil actions under this Act. Prescribes guidelines for NRC licensing hearings.

Prohibits the Secretary from conducting site-specific activities for a second repository unless the Congress has specifically authorized and appropriated funds therefor.

Requires the NRC to promulgate regulatory guidelines for: (1) financial assurances for low-level radioactive waste site closures; and (2) training and qualification of civilian nuclear powerplant personnel.

Delineates an acceptance schedule for contract holders' spent nuclear fuel and high-level radioactive waste.

Proscribes: (1) subseabed or ocean water disposal of spent nuclear fuel or high-level radioactive waste; and (2) any obligation of funds for any such related activity.

Continues the Nuclear Waste Technical Review Board.

Authorizes appropriations.

Directs the Secretary to take action as necessary to improve the management of the civilian radioactive waste management program to ensure that it is operated to the maximum extent like a private business. States that the program is not subject to civil service regulations.

Abolishes the Interim Storage Fund, the Monitored Retrievable Storage Commission, the Office of Subseabed Disposal Research, and the Office of Nuclear Waste Negotiator.

Requires the Secretary to present annual schedule and timeline status reports to the Congress.

Directs the Secretary to: (1) create a value engineering function within the Office of Civilian Radioactive Waste Management; (2) employ, on an on-going basis, integrated performance modeling regarding site characterization; and (3) report an action plan (and annual updates) to the Congress regarding implementation of this Act and development of the Integrated Waste Management System.

(Sec. 2) Sets forth transition provisions for the continuation of contracts under the Nuclear Waste Policy Act of 1982.